WASHINGTON, D.C. – Rep. French Hill (AR-02), Vice-Chairman of the House Financial Services Committee and Chairman of the Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, on May 17 released the following statement after reintroducing the Credit Access and Inclusion Act, which would expand access to credit for “credit invisible” Americans:
“As new technology emerges and advances in innovation continue to change American lives, our current system for how credit scores are calculated has not kept up with our evolving technology. Many Arkansans are unfairly denied opportunities for affordable credit because they do not have a conventional payment history.
“My bill, the Credit Access and Inclusion Act, would bring fairness to credit access by allowing for important additional data, such as utility and phone payments, to be used in determining credit worthiness. It is past time for us to open the door for millions of Americans to be welcomed into a 21st century lending economy that supports economic growth and empowers consumers.”
Further Background:
- Credit Access and Inclusion Act: This bill would allow public housing authorities (PHAs), as well as utility and telecom companies, to report payment data to credit reporting agencies. This legislation also seeks to help those with little or no credit build their credit scores based on a more comprehensive picture of their payment history.
- Reps. Tom Emmer (MN-06), David Schweikert (AZ-01), Young Kim (CA-40), Michelle Steel (CA-45), Byron Donalds (FL-19), and Maria Elvira Salazar (FL-27) are all original co-sponsors of this bill.
- Companion legislation has been reintroduced in the Senate by Senators Tim Scott (R-SC) and Joe Manchin (D-WV). To read more, please visit HERE.
Original source can be found here.
